
Accounting II Chapter 7 Review
Authored by Jeff Langer
Other
KG - University
Used 13+ times

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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Plant assets are sometimes referred to as fixed assets.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A company purchases a building and land for $400,000. The building is appraised for $300,000 and the land for $150,000. The cost assigned to the land should be $150,000.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
International financial reporting standards require that significant components of a plant asset be recorded individually in different plant asset accounts.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An accounting form on which a business records information about each plant asset is called a plant asset record.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The value of an asset determined by tax authorities for the purpose of calculating taxes is
called the millage rate.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Salvage value is also referred to as residual value, scrap value, or trade-in value.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Because of land’s permanent nature, it is not subject to depreciation.
True
False
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